Saving, Scrimping, and … Splurging? New Insights Into Consumer Behavior

 In Australia, International, NewZealand
For many people around the world, the economic downturn isn’t a thing of the past but rather a persistent everyday reality. Money remains a constant worry—and fear of yet another downturn looms large, driven by political upheaval and financial-market volatility. More than 50 percent of consumers are afraid they or someone in their household will lose a job in the coming year. More than a quarter are living paycheck to paycheck. No surprise, then, that they are delaying purchases, clipping coupons, and shopping around for the best deals.
That said, many other consumers are enjoying financial stability and maintaining a brighter outlook. More than 30 percent are optimistic about their household’s financial future. The majority of consumers in Mainland China and North America aren’t worried about job loss. About one-third of shoppers around the world are staying loyal to their favorite brands instead of downgrading to cheaper options, and some are even splurging on certain types of purchases. McKinsey & Company – Read more…

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